Aids-to-trade - Jamb Commerce Past Questions and Answers

Question 1:

• JAMB 1994

Commerce is defined as the study of how

A. Man utilizes the resources in his physical environment
B. Man produces, distributes and consumes his goods and services
C. Man buys, sells and distributes goods and services
D. Raw materials are changed into finished goods

Question 2:

• JAMB 1994

Goods discharged from ships on which import duties have not been paid are kept in the

A. Ordinary warehouse
B. Public warehouse
C. Private warehouse
D. Bonded warehouse

Question 3:

• JAMB 1994

A sole proprietor insured his goods worth N200,000 for half the value. There was a fire accident in which goods valued N80,000 were destroyed. The value of compensation expected from the insurer is

A. N40,000
B. N80,000
C. N100,000
D. N200,000

Question 4:

• JAMB 1994

Drawing two parallel lines across a cheque means that it has to be paid into the account of the

A. Payee
B. Drawer
C. Drawee
D. Payer

Question 5:

• JAMB 1994

The West African clearing House became legally operational on

A. 1st july, 1976
B. 25th june, 1975
C. 14th march, 1975
D. 3rd may, 1974